Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 858915,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/858915/?format=api",
    "text_counter": 157,
    "type": "speech",
    "speaker_name": "Kisumu West, FORD-K",
    "speaker_title": "Hon. Olago Aluoch",
    "speaker": {
        "id": 5,
        "legal_name": "John Olago Aluoch",
        "slug": "john-aluoch"
    },
    "content": "In setting up this Bill, I notice the Attorney-General has actually approved. I also note that the Treasury, in circular No. 18 of 2010, also gave directive as follows: “In particular, you notice that it is critical for the scheme, the LAPTRUST umbrella retirement scheme, which is expected to act as an umbrella scheme for the county governments when they establish their retirement benefits scheme...” The Treasury gave the directive, having looked at all the circumstances surrounding the issue of pension for staff of county governments. There has been a tug of war that has ended up in court between LAPTRUST and LAPFUND. What I see in this Bill is an attempt to reconcile those two differences so that the interest of workers of county governments are put under one basket and safeguarded. The amount of investment that LAPTRUST has put in place needs to be guarded. This is because since 2011 up to now, the amount of funds that they have received from workers and which they have invested is quite substantial. If this Bill is rejected, it simply means that the amount of investment that has been put in place by LAPTRUST will go into disuse and may not come to see the light of day. I notice that Members who spoke before me have opposed this Bill on the ground that a similar Bill is pending before the Senate. I want to make it categorical that what we have before us in this Bill is a pension scheme. What is pending before the Senate is not a pension scheme. It is a provident fund and annuities. If anybody doubts what I am saying, consult your actuary. He will explain to you what is meant by provident fund or an annuity. Members and staff of county assemblies are our constituents. We all come from counties."
}